{"id":5301,"date":"2020-11-02T21:00:23","date_gmt":"2020-11-02T21:00:23","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=448618"},"modified":"2020-11-02T21:00:23","modified_gmt":"2020-11-02T21:00:23","slug":"chainlink-could-soon-rally-towards-13-60-as-bulls-build-strong-support","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chainlink-could-soon-rally-towards-13-60-as-bulls-build-strong-support\/","title":{"rendered":"Chainlink Could Soon Rally Towards $13.60 as Bulls Build Strong Support"},"content":{"rendered":"

Chainlink has been closely tracking Ethereum’s price action as of late, with investors trading altcoins like LINK largely based on the movements seen by ETH.<\/p>\n

This has made ETH essentially a benchmark index for altcoins, with its overnight plunge following an attempted rally yesterday striking a blow to many alts – including LINK.<\/p>\n

Despite this, Chainlink’s bull case remains incredibly strong regardless of where ETH trends in the near-term.<\/p>\n

It is currently trading just above a strong base of support that has been holding strong throughout the past week.<\/p>\n

If buyers continue defending against a break below this price region, it could see an even stronger rally than the one posted yesterday.<\/p>\n

One analyst is now noting that a move towards the upper-$13.00 region could be right around the corner, saying that the token’s technical strength has been growing over the past few days and weeks.<\/p>\n

This rally would mark a serious breakout and potentially place a move back to its all-time highs of $20.00 back on the table.<\/p>\n

Chainlink Reaches Key Support Level as Market Sells Off<\/strong> <\/strong><\/h2>\n

At the time of writing, Chainlink is trading down over 5% at its current price of $10.90. This marks a notable decline<\/a> from its daily highs of $11.70 that were set yesterday afternoon in tandem with Ethereum’s rally to $404.<\/p>\n

The sharp decline seen by Bitcoin that sent it to the lower-$13,000 region created headwinds that proved to be too strong for altcoins to resistance, causing them to lose the gains seen yesterday.<\/p>\n

Until Ethereum can rebound once again, there’s a strong possibility that LINK will continue drifting lower and potentially break below its key support within the mid-$10.00 region.<\/p>\n

LINK Could Soon Rally Towards $14.00, Claims Analyst<\/strong><\/h2>\n

While sharing his thoughts on Chainlink’s price action, one analyst explained<\/a> that the strong support below where it is currently trading indicates that it may soon see a sharp rise that sends it towards $14.00.<\/p>\n

He is specifically targeting a move to $13.60.<\/p>\n

\n

“LINK – 3rd time’s the charm? I believe it’s mathematically impossible for my third long to not reach my target of $13.60s. Previous two longs were stopped at entry\/slightly above…”<\/p>\n<\/blockquote>\n

\"Chainlink<\/p>\n

Image Courtesy of UB. Source: LINKUSD on TradingView<\/a>.<\/pre>\n
Because the cryptocurrency<\/a> is still trading above its key support in the upper-$10.00 region following the overnight decline, this trader’s thesis remains valid.<\/p>\n
That said, it must begin pushing higher, or else bears could start building strength.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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